MT4, MT5 and cTrader: which to pick
What you learn in 3 minutesThis lesson compares MetaTrader 4, MetaTrader 5 and cTrader on the things that change what a trade costs you in pesos: the instruments each one lists, the way each one handles an order, and the way each one reports costs. The choice of platform is easy to reverse. The account type behind it is much harder to change, so it is worth reading before you open anything. We use one EUR/USD trade at about 1.0850 to show which fields get filled in on each screen.
One EUR/USD trade, three platforms, one lot
| Step | Amount | Note |
|---|---|---|
| Instrument and price | EUR/USD at 1.0850 | The quote shown on the chart in all three platforms. |
| Order size | 1 standard lot | One standard lot is 100,000 units of the base currency. |
| Value of one pip | 10 units of the quote currency | 100,000 x 0.0001, converted at the current rate. |
| Pip value in pesos | ₱10 per pip | 10 units of the quote currency converted at the rate used in this lesson. |
| A 20 pip move | ₱200 | 20 pips x ₱10 per pip. |
| MetaTrader 4 order fields | Symbol, volume, stop loss, take profit | The entry screen fills these four fields before you send the order. |
| MetaTrader 5 order fields | Symbol, volume, stop loss, take profit, plus order type | The entry screen adds a field for the order type, such as market or pending. |
| cTrader order fields | Symbol, volume, stop loss, take profit, with cost shown before sending | The entry screen shows the estimated cost and commission before you confirm. |
The broker may round the pip value, charge a commission on top, or quote a slightly different conversion rate for the peso. Those figures vary between brokers, so check the contract specification and the fee page for the account you are using.
The mistake people make here
The common mistake is to pick a platform first and only then look at the account type behind it. The platform can be swapped in a few minutes, but the account type often cannot be changed without opening a new account and moving money. Read the account terms before you download anything. If a broker offers the platform you like but not the account you need, the platform is the part to give up.Check yourself
If one pip on one standard lot of EUR/USD is ₱10, what is the value of a 35 pip move?
35 pips x ₱10 per pip = ₱350.
You see a 12 pip move on EUR/USD with 0.50 lots. What is the value in pesos?
One pip on 0.50 lots is ₱5. 12 pips x ₱5 = ₱60.
Which of the three platforms shows the estimated cost before you send the order?
cTrader shows the estimated cost and commission on the entry screen before you confirm. MetaTrader 4 and MetaTrader 5 show the order fields first, and the cost appears after the order is placed.